论我国离岸金融市场的法律规制

发布时间：2018-03-01 11:30

本文关键词： 离岸金融离岸金融市场利弊共存经营模式法律规制　出处：《山东大学》2015年硕士论文　论文类型：学位论文

【摘要】：离岸金融是交易货币游离于货币发行国境外或发行国在岸金融循环体系之外的、主要以非居民为参与主体的各种金融活动。而凡是主要以外币为交易货币,以非本国居民为市场参与主体,游离于本国或本地区金融循环系统之外,在本地银行或外国银行之间进行的交易所形成的金融体系,都可称为离岸金融市场。离岸金融是在传统金融(即国内金融与涉外金融)的基础上发展而来,本质上都是以资本增值为目的而进行的资本运作行为,但其相对于传统金融往往更具有时代特色,更加顺应全球化的潮流。其通常是非居民之间以离岸货币为交易货币所从事的金融交易,资金交易的供求双方都是非本国居民,交易主体“两头在外”；运作方式虚拟化,营运灵活；交易对象为非市场所在国的离岸货币。这些特性在融通资金推动全球经济的发展、提升市场国经济效应和福利效应、加快全球金融创新进程方面发挥了重大的作用,但同时也给全球金融体系的稳定带来风险、过度的保密制度为犯罪提供庇护、避税天堂导致各国税收流失、“返程投资”享受“超国民待遇”使得居民和非居民面临待遇不同而逆向选择的道德风险。自1989年6月以来,中国人民银行和国家外汇管理局先后批准了招商银行等5家位于深圳的分行试点开办离岸金融业务,我国也有了自己的离岸金融业务。然而,国际环境的驱动因素不断在变化,而我国现阶段离岸金融市场发展现状也并不理想,还存在着许多制度障碍：缺少规制我国离岸金融市场的总原则,立法滞后,更缺少一部完备的离岸金融基本法。而配套的特殊法规缺少使得离岸金融的负面效应显著。加之监管的混乱与真空,增加了我国离岸金融体系发展的操作风险,很难进行风险管理以有效应对。离岸金融市场既有的发展历史,已经十分鲜明地显露出其“利弊共存”的特性,对所在国和参与主体都是严峻的考验,发展中国家参与这一新兴市场更将面临重大挑战。为使我国内离岸金融市场在法制的框架下发展,我们应将国际社会相对成熟的经验同我国的实践结合起来,从国际离岸金融市场的构建和监管中汲取经验和教训,为中国离岸金融业务的发展打下坚实的基础。通过考察我们发现：离岸金融市场发展较快的美国、日本和俄罗斯,在本国离岸金融市场构建和监管过程中,都很注重离岸金融市场模式的选择、离岸金融市场主体准入规定、离岸金融业务经营管理规定、离岸金融市场的税收与法律优惠规定以及离岸金融市场退出机制监管的规定。在此基础上,注重离岸与在岸的共赢,进行着监管与反监管的博弈,兼顾金融稳定与效率的平衡。我国离岸金融市场法律制度的完善,首先,在经营模式的选择上,显然无法借鉴内外一体型的经营模式,但却可以尝试适当的变通,比如以内外分离型模型为基础,允许适当渗透的离岸金融市场模式,同时借鉴国际上避税港型离岸金融中心的成功经验,在一定的海岛封闭区域内,建立齐全的金融税制、专业的人才队伍和健全的法律保障,采用避税港型的模式未尝不是一种可行做法。其次,在离岸金融市场的监管方面,建立统一的法律监管法律制度,完善配套法规以克服负面效应,完善监管权分配以解决监管的真空与混乱,坚持创新以解决发展滞后的问题。最后,应积极参与国际合作与国际金融监管体系的整体设计,以提升我国的金融竞争力,促进我国金融业的发展。
[Abstract]:Offshore finance is free from currency trading currency issuing country or abroad in addition to bank financial circulation system, mainly by non residents for various financial activities. And as the main participants in foreign currency denominated, to non residents for market participants, outside the country or region of financial circulation system. Between the local bank or a foreign bank exchange form of the financial system, can be called the offshore financial market. Offshore finance is in the traditional financial (domestic and foreign financial development and financial) on the basis of the essence is the behavior of capital operation to capital appreciation purposes, but compared with the traditional financial often more characteristics of the times, more conform to the global trend. It usually is non residents in offshore currency denominated in financial transactions, capital supply and demand both sides of a transaction Are non residents, transactions subject to the "two out" mode of operation; virtualization, flexible operation; offshore currency trading is non market country. These characteristics promote the development of the global economy in financing, improve the economic effect of the market of China and the welfare effect, has played a major role in speeding up the process of global financial innovation at the same time, but also to the stability of the global financial system risk, excessive secrecy harboring crime, tax havens have contributed to the loss of tax revenue, "return investment" enjoy "super national treatment" makes the residents and non residents face moral hazard and adverse selection of different treatment. Since June 1989, the people's Bank of China and Foreign Exchange Management Bureau has approved 5 investment banks in Shenzhen branch pilot offering offshore financial business, China has its own offshore financial services. The driving factors of the international environment is constantly changing, and the current development of China's offshore financial market at this stage is not ideal, there are still many obstacles: behind the general principle, the lack of regulation of China's offshore financial market legislation, the lack of a more complete offshore financial base. This Law and the special regulations of the lack of the negative effect of offshore finance is significant. And the chaos and vacuum supervision, increase the operation risk of developing offshore financial system in our country, it is difficult to carry out risk management to effectively deal with the offshore financial market. The existing development history, has been very clearly revealed its "advantages and disadvantages", is a severe test of the host country and participate in the subject, the participation of developing countries in this emerging market will face a major challenge. In order to make our domestic offshore financial market development in the framework of the rule of law, we should be the international community The practice of relatively mature experience with our country together, draw experience and lessons from the construction and supervision of the international offshore financial market, and lay a solid foundation for the development of Chinese offshore financial business. Through the investigation we found that: the rapid development of offshore financial market in the United States, Japan and Russia, the construction of offshore financial market and in the country in the process of supervision, are focusing on the mode of offshore financial market, the main offshore financial market access regulations, regulations on the management of offshore financial business, the provisions of the tax law and regulations on preferential treatment of offshore financial market and offshore financial market exit supervision system. On this basis, focusing on offshore and onshore win-win situation, playing and supervision anti regulation, taking into account the financial stability and balance of efficiency. Improve the offshore financial market of China's legal system, first of all, in the choice of business model, apparently no A method from inside and outside the business model, but you can try appropriate adaptations, such as internal and external separation model based on offshore financial market to allow appropriate penetration, and the successful international experience offshore financial center, in the island closed area, establish a complete financial system, professional the personnel and improving the legal protection, the tax havens model might be a feasible approach. Secondly, in the offshore financial market supervision, the establishment of a unified legal supervision legal system, improve the matching rules to overcome the negative effects, improve the regulatory power allocation to solve the vacuum and confusion of supervision, adhere to innovation to solve the problem of lagging development. Finally, the overall design should actively participate in international cooperation and the international financial regulatory system, to improve China's financial competitiveness, promote China's financial industry Development.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.6

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